Ratio Petroleum Energy LP

Investor Presentation • Apr 11, 2021

RATIO OIL EXPLORATION (1992) LIMITED PARTNERSHIP

INVESTORS' PRESENTATION April 2021

DISCLAIMER

This presentation was prepared by Ratio Oil Exploration (1992) – Limited Partnership (the "Partnership" or "Ratio").

It is not an offer to buy or sell securities of the Partnership, nor an invitation to receive such offers, and is designed, as aforesaid, for the provision of information only. The information used to make the presentation (the "Information") is given for convenience purposes only and is neither a basis for making any investment decision, nor a recommendation nor an opinion, and is no substitute for the investor's discretion.

Everything stated in this presentation with respect to an analysis of the Partnership's business is merely a high-level summary, and it does not purport to be all-inclusive or to contain all of the information that may be relevant in making any decision concerning an investment in the securities of the Partnership. To obtain a full picture of the Partnership's business and the risks facing the Partnership, review the Partnership's Periodical and Immediate Reports, as filed with the Israeli Securities Authority and the Tel Aviv Stock Exchange on the Magna website, including warnings regarding forward-looking information, as defined in the Securities Law, 5728-1968, included therein.

Various issues addressed in this presentation, which include forecasts, goals, estimates, assessments and other information pertaining to future events and/or matters, whose materialization is neither certain nor within the Partnership's control, including in connection with data, income forecasts, the value of the Partnership, costs of projects, development plans and concepts and construction thereof etc., are forward-looking information, as defined in the Israeli Securities Law. Such Information is based solely on the Partnership's subjective assessment, based on facts and figures concerning the status of the Partnership's business, and macro-economic facts and figures, all as are known to the Partnership on the date of preparation of this presentation. The materialization or non-materialization of the forward-looking information will be affected, inter alia, by risk factors characterizing the Partnership's business, as well as by developments in the general environment and external factors affecting the Partnership's business, third-party representations not materializing, delays in the receipt of permits, etc., which cannot be estimated in advance and are beyond the Partnership's control. The Partnership's results of operations may differ materially from the results estimated or implied from the aforesaid, inter alia due to a change in any one of the foregoing factors.

In addition, the data represented in the presentation relating to the proved undeveloped, probable, and possible reserves and future revenues is also forward-looking information based on reports received from an independent reserves evaluator, which may be updated as additional information accumulates and/or as a result of a range of factors related to natural gas production projects.

The Partnership does not undertake to update and/or change any data included in the presentation and/or forecasts and/or estimates to reflect events and/or circumstances occurring after the date of preparation of this presentation.

RATIO OIL EXPLORATION (1992) -LIMITED PARTNERSHIP

An experienced E&P player focused on the gas-rich Levant Basin

INTRODUCTION TO RATIO

LEVIATHAN MILESTONES

Successful 1 st year of natural gas supply to domestic & export markets

Tier-1 operational performance and business resilience during Covid-19

2020 HIGHLIGHTS

Well financed and robust long-term capital structure

Additional growth engines including the examination of entry into the field of Renewable Energy

LEVIATHAN AS REGIONAL ENERGY ANCHOR

Gross Reserves & Resources¹

Ownership Structure

7 1. As per the Partnership's immediate report dated March 10, 2021 based on NSAI's 2P+2C estimate ; Not including Leviathan deep-oil prospective resources

LEVIATHAN 1 stYEAR OF SUPPLY

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CHEVRON BECOMES LEVIATHAN`S OPERATOR

Significant capabilities to take the project from regional to a global natural gas supplier

DIVERSIFIED CUSTOMERS PORTFOLIO

A reliable substantial source of natural gas supply to domestic and export customers

ALL SEGMENTS MET GUIDANCE

Completed Phase 1A development and exceeded COVID-19 financial forecasts

LEVIATHAN FUTURE EXPANSION

Diverse Export Infrastructure Options

Pipeline to LNG facility in Egypt

LEVIATHAN'S MARKETING STRENGTHS

Strategically located in the East Med, well positioned to take advantage of the increasing domestic and regional natural gas demand

Signed GSPAs represent a balanced composition of domestic and international offtakers

Majority of GSPAs include TOP commitments and floor price protection

Ongoing discussions with potential consumers

DIVERSIFIED CUSTOMERS

Signed GSPAs to date amount to total quantity of c. 150 BCM

Egypt Jordan Israel

EXPORT MARKETS

Strength of strategic regional markets

EGYPT

DOLPHINUS¹ GSPA TCQ of 60 BCM over 15 years TOP and FLOOR PRICE

1
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Egypt is a mature natural gas market, with long-term ambitions to become a regional natural gas hub

Significant additional natural gas will be required to meet domestic demand and maintain exports from two LNG facilities with total capacity of 17-18 BCM/A²

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Natural gas serves as the primary source for electricity generation in Egypt and contributes around 85% of total electricity output

Source: Wood Mackenzie, Energy Markets Service, March 2021

1. In June 2020, the Dolphinus Export Agreement was novated to Blue Ocean Energy (a Cayman Islands company and an affiliate of Dolphinus)

2. 1. Total liquification capacity of c.13 MMTP/A at ELNG (Idku) & SEGAS LNG (Damietta) LNG Facilities; Source: www.shell.com & www.eni.com
3. The foregoing graph was obtained from The Energy Market Service™ and Global Gas Service™, products of Wood Mackenzie.

The data and information provided in this slide by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information except as specified in a written agreement you have entered with Wood Mackenzie for the provision of such data and information

EXPORT MARKETS

Strength of strategic regional markets

JORDAN

NEPCO GSPA TCQ of 45 BCM over 15 years TOP and FLOOR PRICE

1 7

Jordan has limited primary energy sources and relies on imports for around 97% of its natural gas requirements

Natural gas has largely displaced oil as the main fuel used for power generation

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Available natural gas supply will encourage transition from coal and oil to natural gas in the industrial sector

4.1 4.0 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.0 4.0 4.1 4.1 4.1 4.2 0 1 2 3 4 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 BCM/A

Source: Wood Mackenzie, Energy Markets Service, May 2020

The foregoing graph was obtained from The Energy Market Service™ and Global Gas Service™, products of Wood Mackenzie.

The data and information provided in this slide by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information except as specified in a written agreement you have entered with Wood Mackenzie for the provision of such data and information

Jordan Natural Gas Demand (BCM)

ISRAEL'S NATURAL GAS REVOLUTION

Energy transition from coal to natural gas power generation

Forecast predicts natural gas demand growth driven by structural reform of the electricity market along with regulatory and environmental directives

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Generation by Fuel Mix

Source: BDO forecast as of February 2021, including PA

GROWTH ENGINE IN THE LEVANT BASIN

Exploration Licenses Zones A & C

Licenses 10/2019 Licenses Awarded 2,698km² Gross Acreage

No firm well commitment in the current exploration phase

Ownership Structure

STRONG 1 STYEAR OF REVENUES FOR RATIO

1. As per the Partnership's immediate report dated March 10, 2021 "Leviathan discounted cash flow projections" and based on NSAI's 2P+2C estimate

2. Includes cash, deposit and short-term securities

3. As of 31 March 2021

PHASE 1A LONG-TERM & STABLE ROBUST CASH FLOW

1. As per the Partnership's immediate report dated March 10, 2021 "Leviathan discounted cash flow projections" and based on NSAI's 2P+2C estimate. Net Cash Flow represents undiscounted Ratio's revenues less royalties, operating expenses, capex and taxes before debt service (principal & interest) & other expenses 2. Forecast assumptions are until 2064

STRONG ABILITY TO SERVICE DEBT

345 500 2021-2023 2024-2027 Total Debt (\$M) \$142M 31/12/2020 Cash & Cash Equivalents Cumulative UFCF¹ > \$1.6Bn (2P+2C) 3 equal annual installments commencing August 2021 Including \$300- 350M balloon payment

1. Issued by Ratio Oil Exploration (Finance) Ltd.; Net of c. \$32M (14.4%) Bond Series B bought by Ratio during 2020.

Bonds Series B&C²

Senior Debt

KEY TERMS FOR SENIOR DEBT FACILITY

A VOTE OF CONFIDENCE IN RATIO & THE LEVIATHAN PROJECT with attractive refinanced loan facility in the midst of Covid-19

Provided by a consortium of 8 LEADING INTERNATIONAL AND LOCAL BANKS

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SIGNIFICANT DEBT FLEXIBILITY

• (1) Early repayment option
• (2) Principle 3-year grace period
• (3) \$450M accordion for future Leviathan phases

	Type	Senior Secured Revolving Credit Facility
	Facility Amount	\$500M
	Loan Framework	\$650M
	Term	7 years
	Interest Rate	LIBOR+3.5%
	Balloon	\$300-350M

Ratio Oil Exploration (1992) Limited Partnership

85 Yehuda Ha'levi St. Tel-Aviv 6579614 Israel

Tel: +972-3-5661338 Fax: +972-3-5661280

info@ratioil.com www.ratioil.com